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UK budget, data, stock moves and news

UK now in recession, finance minister says

The U.K. is now in recession, according to statistics from the Office for Budget Responsibility, announced by Finance Minister Jeremy Hunt.

Hunt said “difficult decisions” would be made to tackle inflation amid the cost-of-living crisis.

— Hannah Ward-Glenton

Sterling drops as UK Finance Minister Jeremy Hunt delivers budget statement

Sterling fell in value as U.K. Finance Minister Jeremy Hunt delivered an autumn fiscal statement.

The currency dipped as much as 0.69% against the dollar as Hunt announced tax increases for high earners and a temporary levy on electricity generators.

— Hannah Ward-Glenton

Shares on the move: Siemens up 7%, NN Group down 6%

Shares of Siemens climbed after the company beat analyst expectations by raising its dividend on fourth quarter earnings. The move was driven by increased profit across all of Siemens’ industrial businesses and has prompted a 7% increase in share price.

Financial services company NN Group shares have tumbled 6% after the organization posted 2025 targets that were below expectations. The Dutch insurer also maintained its buyback policy.

— Hannah Ward-Glenton

War in Ukraine is the ‘single most important negative factor’ for global economy: IMF chief

CNBC Pro: Should investors get back into tech? Here’s what the pros say, and how to trade it

CNBC Pro: The Fed ‘pivot’ is dead, says strategist, who shares where to invest right now

Fidelity says the notion that a pivot from the Federal Reserve’s hawkish stance will benefit equities is “dead.”

Salman Ahmed, global head of macro and strategic asset allocation at the investment management firm, said he is concerned about short-term stock performance and suggests investor consider a different asset class instead.

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— Ganesh Rao

European markets: Here are the opening calls

European markets are set to open mixed on Thursday as political uncertainty continues in the region.

The U.K.’s FTSE index is expected to open 21 points lower at 7,348, Germany’s DAX up 5 points at 14,239, France’s CAC down 2 points at 6,605 and Italy’s FTSE MIB up 40 points at 24,739, according to data from IG.

Global markets will be watching developments in Ukraine as the fallout from a missile hitting Polish territory continues. NATO said it was likely that Ukrainian air defenses were trying to intercept Russian missiles but Ukraine has said it wants to see evidence that its own forces were behind the strike that killed two Polish civilians.

In the U.K, Chancellor Jeremy Hunt will announce his latest fiscal statement on Thursday which is expected to contain billions of pounds’ worth of spending cuts and tax hikes.

Earnings come from Vodafone and Virgin Money on Thursday. Data releases include European car registration data for October.

— Holly Ellyatt

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